Cui Dongshu: National sales of new energy passenger vehicles in October reached 880,000 units with a penetration rate of 36%.

Zhitong App learned that Cui Dongshu, the Secretary-General of the China Passenger Car Association, stated in an article that with the withdrawal of new energy vehicle subsidies by the end of 2022, the demand for new energy vehicles is gradually recovering. In October, the wholesale sales of new energy passenger vehicles reached 880,000 units, a year-on-year increase of 30%. Among them, high-end new energy vehicles and entry-level new energy vehicles continued to perform strongly. At the national level, policies and guidelines for the automotive industry are frequently issued, aiming to further stabilize and expand automotive consumption. The Ministry of Commerce has promoted the "Hundred Cities Linkage" Auto Festival and the "Thousand Counties and Ten Thousand Towns" New Energy Vehicle Consumption Season, and the effects of various local auto shows and consumer coupon distribution activities have effectively boosted consumer confidence. The export growth rate of new energy vehicles in October slowed down significantly, with a year-on-year increase of only 8%. The plug-in hybrid market remains strong, while pure electric vehicles face greater pressure. The landscape of new energy vehicles is undergoing intense changes, with the emergence of prominent players becoming increasingly evident. Overall, high-end brands such as NIO, Xiaopeng, and Li Auto are performing well, while traditional automakers such as BYD, Geely, and Changan are experiencing rapid development in the high-end new energy market. I. Overall Trends of New Energy Passenger Vehicles 1. Strong wholesale performance of new energy vehicles in October In October, the wholesale sales of new energy passenger vehicles reached 880,000 units, a year-on-year increase of 30% and a month-on-month increase of 6%. The cumulative wholesale sales from January to October reached 6.8 million units, a year-on-year increase of 35%. From January to October, the wholesale sales of new energy passenger vehicles reached 6.8 million units, a year-on-year increase of 35%. The decline in prices of power batteries, such as lithium and nickel, has led to a trend of lower prices, which has been beneficial for companies to reduce production and clear historical inventory, resulting in a strong increase in new product sales. The strong sales in China from January to October reflect a good demand for new energy vehicles, and there is still potential for further growth in the future. 2. Strong retail growth of new energy vehicles in October In October, the retail sales of new energy vehicles reached 770,000 units, a year-on-year increase of 38% and a month-on-month increase of 3%. 3. Strong growth in October's new energy vehicle exports In October, the export of new energy passenger vehicles reached 112,000 units, a year-on-year increase of 8% and a month-on-month increase of 23%. It accounted for 28.6% of the total passenger vehicle exports, which is quite impressive considering Tesla's lower export volume at the end of the quarter. More and more Chinese brands of new energy products are entering the international market, and with the continuous improvement of overseas recognition and service networks, they are mainly targeting developed countries. Therefore, the market prospects are promising. The cumulative export volume from January to October reached 850,000 units, a year-on-year increase of 90%. Based on the monitoring of retail data in overseas markets for independently exported vehicles, independent brands such as SAIC have performed well in Europe. In addition to the impressive performance of traditional export car companies, new players in the industry have also gradually started exporting, and data from overseas markets is beginning to emerge. The low base in October has contributed to the promotion of exports, and it is expected that the export of new energy vehicles will continue to grow at a high rate in the coming months. 4. Strong growth in October's lithium battery installation In October, the wholesale sales volume of new energy passenger vehicles reached 34.9 million kilowatt-hours, a year-on-year increase of 42% and a month-on-month increase of 4%. The cumulative wholesale sales volume of batteries reached 271.38 million kilowatt-hours since the beginning of this year, a year-on-year increase of 49%. 5. National penetration rate of new energy vehicles - wholesale In October, the wholesale penetration rate of new energy vehicle manufacturers reached 36.1%, an increase of 5.2 percentage points compared to October 2022's penetration rate of 30.9%. 6. National New Energy Penetration Rate - Retail In October, the penetration rate of new energy vehicles in the domestic market reached 37.7%, an increase of 7.5 percentage points compared to the same period last year, when it was 30.2%. In October, the penetration rate of new energy vehicles in the domestic market was 60.2% for domestic brands, 19.4% for luxury brands, and only 6.3% for mainstream joint venture brands. II. Analysis of the Market Structure of New Energy Passenger Vehicles 1. Levels of New Energy Vehicles - Relatively Balanced at All Levels In October, the wholesale sales of pure electric vehicles reached 585,000 units, a year-on-year increase of 14% and a month-on-month increase of 4%. The sales of plug-in hybrid vehicles reached 299,000 units, a year-on-year increase of 79% and a month-on-month increase of 10%. New energy vehicles accounted for 34% of the total sales, an increase of 9 percentage points compared to the same period. The sales of B-class electric vehicles in October reached 164,000 units, a year-on-year increase of 25% and a month-on-month increase of 2%, accounting for 28% of the pure electric vehicle market. The A00+A0 level economy electric vehicle market is rising in the pure electric vehicle market, with wholesale sales of A00 level reaching 107,000 units, a year-on-year decrease of 17% and a month-on-month increase of 14%, accounting for 18% of the pure electric vehicle market, a decrease of 7 percentage points compared to the same period. The wholesale sales of A0 level reached 201,000 units, accounting for 34% of the pure electric vehicle market, an increase of 13 percentage points compared to the same period. The sales of A-level electric vehicles reached 98,000 units, accounting for 17% of the pure electric vehicle market. The sales of electric vehicles at different levels are relatively differentiated. 2. Strong Performance of Independent and New Energy Vehicle Brands Continues Three. Differentiation of major manufacturers of new energy vehicles in October 1. Sales trend of major manufacturers of new energy vehicles over the years In October, the overall trend of new energy passenger vehicle companies was strong. BYD's pure electric and plug-in hybrid dual-drive vehicles solidified its leading position in the independent brand new energy market. Traditional car manufacturers represented by Changan, SAIC, GAC, and Geely performed particularly well in the new energy sector. With the simultaneous development of independent car companies in the new energy field, the market foundation continues to expand. There were 17 companies (unchanged from the previous month, an increase of 2 compared to the same period last year) with wholesale sales exceeding 10,000 vehicles, accounting for 88.8% of the total new energy passenger vehicles (88.1% last month, 85.7% in the same period last year). Among them: BYD sold 301,095 vehicles, Tesla China sold 72,115 vehicles, Geely sold 62,086 vehicles, Changan sold 53,990 vehicles, SAIC-GM-Wuling sold 44,626 vehicles, GAC Aion sold 41,503 vehicles, Li Auto sold 40,422 vehicles, Great Wall Motor sold 30,461 vehicles, Xiaopeng Motors sold 20,612 vehicles, SAIC Passenger Vehicle sold 20,472 vehicles, Leapmotor sold 18,202 vehicles, NIO sold 16,074 vehicles, SAIC Volkswagen sold 15,603 vehicles, Seres sold 14,645 vehicles, NIO sold 12,085 vehicles, Chery sold 11,307 vehicles, and SAIC-GM sold 10,003 vehicles. 2. Sales trend of major pure electric vehicle manufacturers over the years In recent years, the pure electric passenger vehicle market has still been dominated by BYD, Tesla, and traditional independent brands. In October, the new energy passenger vehicle market diversified its efforts, and the performance of major groups in new energy varied. In October, BYD, Tesla, and GAC Aion showed strong growth, driving overall performance in October. The trends of Geely and SAIC-GAC Passenger Vehicle were also good. Changan New Energy had good sales in October. The overall trend of new forces such as NIO was positive. GAC Aion surpassed Xiaopeng Motors by a large margin, and NIO performed well. Plug-in Hybrid and New Energy Vehicle Companies In October 2023, the plug-in hybrid market showed differentiation in trends, with BYD leading the pack due to its high sales volume. Ideal, Great Wall, Changan, Geely, and other companies followed BYD in developing plug-in hybrids, but there is still a significant gap between them. Recently, Geely and Great Wall have launched competitive plug-in hybrid products. Zero Run, Siles New Energy, Changan, and Ideal jointly promote the growth of extended-range plug-in hybrids. Recently, Siles has also started to develop pure electric vehicles, creating differentiation and unique characteristics. The performance of joint venture companies in the plug-in hybrid market is relatively weak. Due to differences in the industrial chain, some joint venture companies have shown relatively good performance in plug-in hybrid powertrain models. SAIC Volkswagen, a European joint venture, has shown strength in plug-in hybrids, while luxury car brands have weaker performance in this segment. Strong Sales Performance of Mainstream New Energy Vehicle Models in October 1. Wholesale sales of mainstream new energy vehicle models were good in October In October, there were 25 models of passenger vehicles with wholesale sales exceeding 20,000 units: BYD Song with 63,965 units, Model Y with 47,164 units, Seagull with 43,350 units, BYD Qin with 42,767 units, BYD Yuan with 41,449 units, Xuan Yi with 38,927 units, Lang Yi with 38,778 units, BYD Dolphin with 35,189 units, Haval H6 with 30,042 units, Ai An Y with 27,304 units, Changan CS75 with 27,220 units, Sagitar with 26,892 units, Wuling Binguo with 26,703 units, Tiggo 7 with 26,224 units, Model 3 with 24,951 units, Tiggo 8 with 22,987 units, Xing Yue with 22,613 units, Boyue with 21,955 units, Magotan with 21,501 units, Passat with 21,296 units, MG ZS with 20,943 units, Fenglan Da with 20,686 units, CR-V with 20,504 units, BYD Han with 20,267 units, and MG 5 Series with 20,081 units. Among them, new energy vehicles ranked in the top 5 in overall passenger vehicle sales, demonstrating their dominant position. 2. Wholesale sales of pure electric vehicle models were good in October In October, the pure electric vehicle models that performed relatively well were Tesla Model Y, Seagull, Dolphin Research, BYD Yuan, Ai An, and Model 3, among others. Micro electric vehicles such as Seagull and Geely Panda MINI are on the rise, and new products like Changan Lumin are performing well. New forces are making good progress in the private market. In the early stages, Wuling dominated the micro electric vehicle market, and the Bingo, which came after the Wuling Hongguang MINI, had strong product power and met entry-level needs, but it has faced greater pressure recently. Wholesale trends of plug-in hybrid models Plug-in hybrid models reflect the characteristics of domestic enterprises. Recently, BYD's Song, Qin PLUS, Ideal L7, Han, Tang, and other models have performed well. The market acceptance of European and American luxury plug-in hybrid models is insufficient, and their sales trends are relatively stable. The performance of the extended-range electric vehicle Ideal L7 is significantly strong, and the Deep Blue SL03 also performs well, indicating that consumers still have a good acceptance of high-end electric vehicles, and extended-range vehicles will be accepted if concerns are eliminated. Recently, the performance of pure electric and plug-in hybrid export models to the European market has been good, with SAIC Roewe exporting more, driving the European new energy market for Chinese plug-in hybrids. V. Main models of pure electric vehicles in October by price range 1. Pure electric vehicles below 100,000 yuan in October The main competitive landscape in the market for pure electric vehicles below 100,000 yuan is still dominated by small cars, especially the A00-level models such as BYD Seagull, Changan Lumin, Geely Mini, Hongguang Mini, Benben, and Nezha V, which have relatively strong performance. The A0-level models priced at 100,000 yuan, such as Wuling Bingguo, BYD Dolphin, and Dongfeng EX1, also have good performance. 2. Wholesale trends of main pure electric vehicles priced between 100,000 and 200,000 yuan In the 100,000 to 200,000 yuan pure electric vehicle market, BYD's main models are strong. BYD occupies an absolute advantage in the A0-level market, and the BYD Yuan and Ei5 have relatively strong performance, with the BYD Yuan experiencing a significant increase in recent times. SAIC's export main models, such as Mulan, have performed well, with huge potential in overseas markets. The Ei3 and Ei5 models also have strong performance. 3. Good wholesale sales performance for models priced between 200,000 and 300,000 yuan 20-30 thousand yuan market for pure electric vehicles, the main models are still Model Y, Model 3, as well as BYD Han, Xpeng P7 and other models. Especially, the sales of Model Y showed strong momentum in October, with a significant increase in sales compared to the previous month and a positive year-on-year growth. Looking ahead, Model Y will continue to be the absolute leader in the 200,000-300,000 yuan range. The high-end BYD Han also has a relatively stable sales performance, but models like Xpeng P7 still need to make more efforts. 4. Strong performance in the 300,000-400,000 yuan market In the 300,000-400,000 yuan market, NIO ES6, NIO ET5, BMW 3 Series, and other models have shown relatively strong performance. NIO's high-end models have performed exceptionally well in the market after increasing production capacity, and the sales of ET5 have also improved. Overall, the market competition in this price range reflects the characteristics of competition between domestic new forces and luxury brands. 5. Mainstream models in the 400,000 yuan and above pure electric vehicle market In the 400,000 yuan and above pure electric vehicle market, sales have been consistently strong recently. The leading models are mainly NIO ES8 and other domestic high-end models. International luxury car brands also have certain sales of electric vehicles, but there is still a gap compared to domestic electric vehicles. Recently, the overall performance of models priced above 400,000 yuan has been good, and there has been a significant increase in consumer acceptance of domestic high-end models. Among them, NIO ES8 has consistently sold over 2,000 units per month from August to October, firmly occupying the leading position. The launch of Mercedes-Benz EQE and Cadillac Lyriq has also been successful. Domestic brands have been rapidly upgrading their electric vehicle technology, which has greatly enhanced the market competitiveness of electric vehicles. The high-end sedan market priced above 400,000 yuan is experiencing a strong pull effect from new products, and international luxury car brands need to accelerate their adaptation to Chinese consumer preferences in electrification.